Should Business Leaders Apologize? Why, When and How Apology Matters
An analysis of the risks and benefits of apologizing in the business world.
Author(s): Linda Stamato
Publisher: Ivey Business Journal, juil./août 2008
Date of publication: 2008
See this article on the publisher’s site [Ivey Business Journal]
Summary
This article reviews the risks and benefits of apologizing in the business world. Apologizing can help leaders and companies regain the trust of various stakeholders – customers, employees, the general public – after they have made a mistake. But apologies can sometimes misfire! A good example would be Apple CEO Steve Jobs’ awkward apology following the iPhone pricing snafu, which caused an outcry from the most fervent users and durably tarnished his image. The author discusses the lessons drawn by top experts who have researched how to avoid this type of error.
Synopsis
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